Current 10-year refinance rates

Today's 10-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive refinance rates. This interest rate table is updated daily to give you the most current rate when choosing a refinance home loan.

Product Interest Rate APR
10-Year Fixed Rate 2.500% 2.690%
15-Year Fixed Rate 2.440% 2.670%
20-Year Fixed Rate 2.920% 3.180%
30-Year Fixed Rate 3.010% 3.210%
30-Year Fixed-Rate VA 2.780% 2.960%
7/1 ARM 2.980% 3.970%
5/1 ARM 3.120% 4.090%
10/1 ARM 3.130% 3.960%
30-Year Fixed-Rate FHA 2.890% 3.680%
30-Year Fixed-Rate Jumbo 3.030% 3.090%
15-Year Fixed-Rate Jumbo 2.420% 2.470%
7/1 ARM Jumbo 2.940% 3.930%
5/1 ARM Jumbo 2.890% 4.030%

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting information on mortgage and refinance rates from the nation’s largest lenders for more than 30 years. Top publications such as The New York Times, Wall Street Journal, CNBC and others depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

How Bankrate mortgage and refinance rates are calculated

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of refinance loans. The interest rate table below is updated daily to give you the most current refinance rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

When should you consider a 10-year refinance loan over other refinance loan terms?

Refinancing to a 10-year loan makes sense when you’ve been paying off your mortgage for many years or for homeowners who want to get really aggressive with their repayment. For example, you have about 11 years left on your mortgage or you started off with a shorter-term loan and are a few years into repayment. That way, you can refinance to a lower interest rate without extending your repayment term.

Although rates can differ depending on the lender and what you can qualify for, 10-year refinance rates are generally lower than other terms, like 15- or 30-year mortgages. However, you could face a higher monthly payment, especially if you’re refinancing to a shorter repayment term.

Given the higher monthly payment, a 10-year refinance loan makes sense for homeowners with sufficient cash flow who want to be debt-free sooner, or who want to pay off their mortgage before retirement.

When is the right time to refinance?

The best time to refinance to a 10-year mortgage will depend on whether the potential savings outweigh the fees you’ll pay and other financial considerations. Keep in mind that you could be paying a higher monthly payment, so homeowners should look at their monthly budget to see if it’s possible to take this on.

Homeowners who have an adjustable-rate mortgage and are close to the expiration of their lower-rate initial fixed term should consider refinancing to a 10-year if they have the extra room in their budget for the higher payment. The new fixed-rate mortgage won’t change throughout the lifetime of your loan.

Making significant home improvements may be a good reason to refinance — homeowners can use a cash-out refinance to tap into their home equity and get a 10-year term.

It’s important to look closely at your household income and see whether you'll be able to comfortably afford your new payment when considering your mortgage plus other housing expenses, such as property taxes and homeowner’s insurance.

Look beyond the interest rate when refinancing. Lenders may charge appraisal, closing, origination or other types of fees to refinance. Your current lender could also assess penalties for paying off your loan early, so look into the fine print before proceeding.

One way to see whether refinancing makes sense is to calculate how much you’ll save in interest and subtract it from the fees you’ll pay. You’ll also want to take into consideration how long you plan on staying in your home to find the breakeven point after refinancing.

When should you refinance into a fixed loan from another type of loan?

Refinancing from an FHA loan to a 10-year conventional loan can save you a significant amount of money since you’re most likely paying high-insurance premiums that come with FHA financing. This is assuming you won’t need to pay mortgage insurance on your refinanced loan (you won’t if you have at least 20 percent equity).

Homeowners who have jumbo loans could benefit since even a small drop in your interest rate could yield decent savings. However, if your budget feels stretched, make sure you can afford the new payment.

Same goes for VA or ARM (adjustable rate mortgage) loans — it can make sense if you’re able to offset any refinancing costs and afford the potentially higher monthly payments.

How much can you potentially save by refinancing?

Refinancing to a 10-year mortgage can save you thousands in interest paid over the short life of the loan. However, there are fees to consider when you refinance.

These can include:

In some cases, your savings can offset the fees but it’s crucial to do some calculations — the Bankrate Refinance Calculator is here for that reason.

How do I find the best fixed 10-year refinance rate?

You want to make an informed decision when deciding to refinance, so do your due diligence. Before applying, check to see if your credit report is accurate and correct mistakes.

Do a bit of research and compare refinance rates from various lenders, including credit unions, mortgage brokers, online lenders and traditional banks. Receiving multiple quotes ensures you can find the best rate for your credit profile.

Lenders may offer a discounted rate if you purchase points. You can take these into consideration to see if the savings are worth it. It’s also crucial to look at the monthly payment to see whether it’ll work for your budget.

A 10-year mortgage is only for those who can afford much-higher payments. You can expect the monthly payment to be about twice as large as that of a 30-year loan, so think carefully before you proceed. And remember that you can pay off any mortgage in 10 years or even less by making additional principal payments, all while retaining the flexibility to make smaller payments if needed.

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates

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